A Credit Union Family Convenes

LOS ANGELES – Hundreds of Lees from all over the country–united by their Chinese surnames–marched down Broadway Sunday with the gaiety of a Chinese New Year’s parade to convene their unusual family reunion, the 19th national convention of the Lee Family Association. Formed more than 150 years ago in San Francisco as a family bond and a refuge from rampant discrimination against Chinese immigrants, the Lee Association anchored Chinatowns across the country, even operating its own credit union–the first family to sponsor its own credit union. The Lee FCU, chartered in Washington, D.C., in 1962 was the first credit union based on a true family common bond, and now has more than $30 million in assets centered in seven cities. Membership is open to anyone who is a Lee or is related to a Lee. The family bond is so uncommon, loan charge-offs are very rare. “We know each other so people don’t ever default on loans,” said Cesar Lee. The Lee Family Association was founded in San Francisco in 1866 and local branches were organized in Sacramento, Stockton and Los Angeles, as well as New York, Chicago, Boston, Washington, D.C., and several other cities that had large Chinese populations. This year’s convention, which ends today, represents 100,000 Lees living in the United States and also draws representatives from China, Taiwan, Vietnam and the Philippines. There are estimated to be more than 100 million Lees worldwide.